I'm wondering how everyone here sets up thier business and benefits.
1. Do you work from home? If you work from an office do you own the building or rent it?
2. Do you buy your own health insurance? If yes, who through?
3. Do you have disability insurance?
4. How much do you spend per month on advertising or buying leads?
Thanks in advance for your answers.
I'll give you the answers to my own questions first.
1. I work my main business (funeral preplanning) from an office at the funeral home. The rest of my business I run from my home office but I feel that I will need to establish an office to get real credibility with the public and grow (I'd like to hear opinions about that.) I bought a building in a great location a few months ago but it will need heavy remodeling to look good. Plus I have a renter in it and it is cash flowing nicely with no remodeling needed because it's currently a welding shop.
2. Health insurance is currently through wife's employment but I would like to change that. She is a CPA and also just passed her life and health test and would like to go independent.
3. We don't have disability coverage but have been planning to buy it for the last 5-years. Who is a good company to look at?
4. I spend less than $1,000 per month on leads. I'm not sure how to advertise for the non-funeral products yet. I feel that advertising drives them to your location and a home office doesn't cut it. Am I completely off base on this?
1. Do you work from home? If you work from an office do you own the building or rent it?
I have a home office and a physical office about 25 minutes away. I'm in the actual office 75% of the time!
2. Do you buy your own health insurance? If yes, who through?
I buy my own health insurance, I use a high deductible plan for me and my wife, and a more benefit rich plan for my 15 month old daughter. Both through Humana.
3. Do you have disability insurance?
Yes I should be addressing this, just haven't yet!
4. How much do you spend per month on advertising or buying leads?
I don't spend anything right now, referrals, my own generated internet leads as well as working old leads are keeping me busy enough.
1. Do you work from home? If you work from an office do you own the building or rent it?
I work from home but would like to be in an office within the next year or so. Home is nice... but too many distractions!
2. Do you buy your own health insurance? If yes, who through?
Yes I do - In Michigan we have a plan available through Blue Cross for people ages 19-30. It's $48/month, $1000 DED. Gotta love that monthly premium! My wife on the other hand is forced to purchase a Blue Cross plan from the Medical School she is attending. She pays $250/month.... yikes. (She's 28 and very healthy) Looking forward to next year when she will not have to do that any more!
3. Do you have disability insurance?
No
4. How much do you spend per month on advertising or buying leads?
It varies. Right now, not much. I'm doing most of my lead generation myself. The last couple of months though I was spending between $1200-1600 or so.
1. Do you work from home? If you work from an office do you own the building or rent it?
I work from an office about 20 minutes from my home. I do have a home office set up and I use it about 3-5 days a month. We lease the space, and do not own the building.
2. Do you buy your own health insurance? If yes, who through?
I am covered on my wife's plan through the county school system. Money can't buy a better plan and they pay 90% of the family premium.
3. Do you have disability insurance?
Yes, through Guardian.
4. How much do you spend per month on advertising or buying leads?
It varies. I have spent as much as 5k a month and as little as $300 depending on the month.
It looks like most of us are wanting to get an office going but haven't yet. Most procrastinate about buying disability insurance (just like me) and most arespending about the same amount on leads.
Follow-up questions. How much would you be comfortable budgeting for monthly office expenses (or currently spend if you already have one?)
2. Do you think if you doubled or tripled what you spend on advertising or leads for the next 3-months, would sales go way up? Would it more than pay for itself?
I'm in for $1,000 a month rent. That's my average commish for one deal so my mentality is that by having an office if I get one extra deal per month out of it I'm even. I think I'll probably get 3 extra deals per week out of having an office.
And right now I'm right in the middle of getting my leads up to 30 a day.
1. Do you work from home? If you work from an office do you own the building or rent it?
I do now. Spent 20 years paying rent for an office. Kids moved onto college, technology improved, rents got crazy. Usually only had one or two clients come by the office in the pastduring the year. Square foot costs can eat up your business. If I had owned the building(s) I would have kept an outside office and sublet.
2. Do you buy your own health insurance? If yes, who through?
Yes, through the local blue cross provider. I'm my own agent too. Family is on wife's employer's plan. I would cost about double on hers.
3. Do you have disability insurance?
Yes, both individual and overhead expense. I've used OH expense DI in the past when out with a slipped disk. Some of the best insurance to own, also some of the hardest to get. If you can get some, do so and buy increase options.
4. How much do you spend per month on advertising or buying leads?
Since I moved my office home, I have more money for leads and spend roughly $500 a month. Advertising is a bit sticky. I am securities licensed and as much as I want to advertise and do it properly and legally, it is such a hassle to work through a compliance officer that it kills any desire to make it work. I've wasted weeks going back and forth with that guy for the most nosensical crap issues. Most not even real SEC/NASD issues. But you've got to kiss his ass, as dumb as it is, for approval. It kills incentive.
1. Do you work from home? If you work from an office do you own the building or rent it?
Home office, probably for at least another year.
2. Do you buy your own health insurance? If yes, who through?
Personal high deductible policy for BC/BS.
3. Do you have disability insurance?
No, although I want to get it. I've been in business about 2 years and most carriers like to see some stable income before issueing a policy. I'm finally at that point now.
4. How much do you spend per month on advertising or buying leads?
About $50 per month for a phone line. I've done as much as $1200 a month to $300 per month on telemarketed leads, but I still get the best return by locking myself in the office for 2 hours a making the calls myself.
I work from home, and have two FMO's that let me use their boardrooms and desk/computer space for client meetings. I also live 1 mile from the Ga. Dept. of Labor facility, and use their computer/printer when I need to print proposals, quotes, etc.
All that is free.
My wife is a Social Worker with the Dekalb Community Service Board (State of Georgia Mental Health), and I have insurance through her. I am Type II Diabetic, and am uninsurable on the individual market.
I have a Disability policy I got when I worked with Berkshire Life Insurance Company. A Step 15 plan, and am glad I got it when I did.
I will NEVER, NEVER, NEVER, NEVER, NEVER purchase a lead.
I will NEVER, NEVER, NEVER, NEVER, NEVER hire a telemarketer
(I'd rather hire Michael Vick as my dog walker)
All my leads are from professional organization meetings I attend, financial planners who have clients who need health based coverage, and seminars I do, for free, at public libraries and YMCA's.
1. Do you work from home? If you work from an office do you own the building or rent it?
I work from home. We put a 1,000 SF addition on our home last year and 350 is my new office. It’s beautiful and efficient. Old office was up on the third floor where it was hot in summer and cold in winter. I have rented office space before. Had a nice suite in a bank building for three years, but don’t think I will ever work other than from home again.
2. Do you buy your own health insurance? If yes, who through?
Right now I am on my wife’s group coverage. She teaches in a parochial school. She pays about the same as what it would cost me to get individual coverage. She is probably going to retire next year and help me part time. I will set up an HSA then.
3. Do you have disability insurance?
Yes two policies. One I wrote myself through Time (the original Time!) years ago which they sold to Assurity, and another non-can policy through Principal. I have a pretty good renewal income so both have 180 day elimination periods.
4. How much do you spend per month on advertising or buying leads?
Right now I spend $500-$750 monthly on marketing. I’ve spent more than twice that at different times.
1. Do you work from home? If you work from an office do you own the building or rent it?
I work all my life/health business through home. I do all my P/C through an office I share with a P/C broker. I get all their life/health business and they take a cut of my P/C business which is fine as I consider it my P/C training.
2. Do you buy your own health insurance? If yes, who through?
Yes, Blue Cross.
3. Do you have disability insurance?
Yes, Northwestern Mutual. Started with them 3 years ago and sold myself a DI policy...this was my first deal so I'm attached to this thing...lol.
4. How much do you spend per month on advertising or buying leads?
Life/Health: Average $700 mo. on advertising/leads.
P/C: $0
I'd like to add another question. Hope you don't mind Newby.
It sounds like quite a few are spending a fair amount each month on leads.
What do you do with the leads that you don't sell?
I have talked to many agents who said they either threw them away or "put them in a box". However, hardly anyone of them keep them well organized so they can look at and review them on a regular basis. Most say they are going to do that some day, but very seldom do.
I recycle all of my leads. It isn't uncommon for me to sell a "lead" that I may have received 12,18, 24 and sometimes even 36 months ago.
I use to buy direct mail leads. I would have the same zip codes mailed about every 12 months. What I discovered was that many of the same people who responded 12 months ago were also responding to the current mailing.
That is when I decided that I was wasting way too much money on "leads" that were nothing more than an address and phone number. The same information I could get by ordering a list.
The last list I bought was about two years ago. I am still selling to people who are on that list.
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